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Finance & Stock Groups Forum Index » Stock Investments » The Anti-Krugman: Rogers Says Let Banks Fail
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| Don Tiberone |
 Posted: Wed Nov 26, 2008 3:48 am |
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http://newsbusters.org/blogs/mark-finkelstein/2008/11/25/anti-krugman-rogers-says-let-banks-fail
ROGERS: You and I are going to get to pay higher taxes, and our
childen are going to have inflation and higher taxes. It's outrageous.
HARRY SMITH: We talked to Arthur Levitt last night, he says, you know
what? We can't allow these institutions to fail. Is that true?
ROGERS: He is absolutely wrong. Banks have been going bankrupt for
hundreds of years. Investment banks have been going bankrupt for
hundreds of years. It's not the end of the world. You need to clean
out incompetency.
SMITH: What would happen, for instance, if what happened to Lehman
happened to everybody else? If all of a sudden we woke up tomorrow and
all these institutions down on Wall Street didn't exist anymore?
ROGERS: Harry, we would have a very bad couple of years. But you know
what's going to happen now? We're going to have a very bad decade, all
of us. Let a million people on Wall Street suffer. There are 300
million Americans. We're going to all suffer for maybe a decade, maybe
two decades. The Japanese did this in the 90s. They wouldn't let
anybody fail. Two decades later they're still trying to recover from
the problems because they wouldn't let anybody fail. |
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| Guest |
| Posted: Wed Nov 26, 2008 6:39 am |
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On Nov 26, 10:48 am, Don Tiberone <s_knig...@my-Deja.com> wrote:
Quote: http://newsbusters.org/blogs/mark-finkelstein/2008/11/25/anti-krugman...
ROGERS: You and I are going to get to pay higher taxes, and our
childen are going to have inflation and higher taxes. It's outrageous.
HARRY SMITH: We talked to Arthur Levitt last night, he says, you know
what? We can't allow these institutions to fail. Is that true?
ROGERS: He is absolutely wrong. Banks have been going bankrupt for
hundreds of years. Investment banks have been going bankrupt for
hundreds of years. It's not the end of the world. You need to clean
out incompetency.
SMITH: What would happen, for instance, if what happened to Lehman
happened to everybody else? If all of a sudden we woke up tomorrow and
all these institutions down on Wall Street didn't exist anymore?
ROGERS: Harry, we would have a very bad couple of years. But you know
what's going to happen now? We're going to have a very bad decade, all
of us. Let a million people on Wall Street suffer. There are 300
million Americans. We're going to all suffer for maybe a decade, maybe
two decades. The Japanese did this in the 90s. They wouldn't let
anybody fail. Two decades later they're still trying to recover from
the problems because they wouldn't let anybody fail.
The main problem is the FDIC. Letting the banks fail costs even more
than saving them.
Second problem is loss of banking business overseas. That's big
money.
We're screwed. |
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| Tony |
| Posted: Wed Nov 26, 2008 10:04 am |
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The banks deserve to fail for robbing everybody blind. It is the peoples' duty to let them fail
after they stole all the public's money.
Don Tiberone wrote:
Quote: http://newsbusters.org/blogs/mark-finkelstein/2008/11/25/anti-krugman-rogers-says-let-banks-fail
ROGERS: You and I are going to get to pay higher taxes, and our
childen are going to have inflation and higher taxes. It's outrageous.
HARRY SMITH: We talked to Arthur Levitt last night, he says, you know
what? We can't allow these institutions to fail. Is that true?
ROGERS: He is absolutely wrong. Banks have been going bankrupt for
hundreds of years. Investment banks have been going bankrupt for
hundreds of years. It's not the end of the world. You need to clean
out incompetency.
SMITH: What would happen, for instance, if what happened to Lehman
happened to everybody else? If all of a sudden we woke up tomorrow and
all these institutions down on Wall Street didn't exist anymore?
ROGERS: Harry, we would have a very bad couple of years. But you know
what's going to happen now? We're going to have a very bad decade, all
of us. Let a million people on Wall Street suffer. There are 300
million Americans. We're going to all suffer for maybe a decade, maybe
two decades. The Japanese did this in the 90s. They wouldn't let
anybody fail. Two decades later they're still trying to recover from
the problems because they wouldn't let anybody fail.
--
The Grandmaster of the CyberFROG
Come get your ticket to CyberFROG city
Nay, Art thou decideth playeth ye simpleton games. *Some* of us know proper manners
Very few. I used to take calls from *rank* noobs,
Hamster isn't a newsreader it's a mistake!
El-Gonzo Jackson FROGS both me and Chuckcar
Master Juba was a black man imitating a white man imitating a black man
Using my technical prowess and computer abilities to answer questions beyond the realm of
understandability
Regards Tony... Making usenet better for everyone everyday |
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| Guest |
| Posted: Wed Nov 26, 2008 11:14 am |
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On Nov 26, 1:56 pm, ausound <auso...@spambog.com> wrote:
Actually I am. A big decrease in global economic activity is the only
thing that might save the Earth. If the scientists are right, and I
think they are, then radical action is necessary. A financial
collapse is nothing compared with an ecological collapse. |
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| ausound |
| Posted: Wed Nov 26, 2008 11:56 am |
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| ausound |
| Posted: Wed Nov 26, 2008 8:04 pm |
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Guest
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patmpowers@gmail.com wrote in news:febf5e4f-409d-4002-8254-877eb6b56e73
@r15g2000prd.googlegroups.com:
Quote: On Nov 26, 1:56 pm, ausound <auso...@spambog.com> wrote:
patmpow...@gmail.com wrote in news:17ce701a-1231-437b-b6e6-
aba908a35...@b38g2000prf.googlegroups.com:
We're screwed.
lay back and enjoy the ride
Actually I am. A big decrease in global economic activity is the only
thing that might save the Earth. If the scientists are right, and I
think they are, then radical action is necessary. A financial
collapse is nothing compared with an ecological collapse.
that's a very reasoned [UNrepublican] perspective
naturally, as always, be careful what you wish for, as it may come true
concommitant with financial collapse are the jobless, homeless, the bums,
panhandlers, the hijackings, the muggings, the anarchy, gangs, home
invasions, robbery
and the silverlining; prostitution |
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